There's been more positive developments for the Isle of Man's maritime sector this month as a member of the Isle of Man Shipping Association has secured the first Balearics Superyacht Charter Licence for Non-EU Flagged Vessels.

Until now, Spain would not recognise the Isle of Man as an EU flag and therefore prevented the Isle of Man flagged yachts from undertaking commercial charters starting and finishing in Spain.

At the end of 2013, the Spanish authorities made it possible to apply for an exemption from the 12% matriculation which had traditionally deterred commercial yachts from chartering out of Spain. However, at this time it was only possible for EU flagged vessels to obtain a charter licence in Spain.

In October 2014, the legislation was amended to open the market to all commercial vessels, with the caveat that it must be proven that no similar EU flagged vessel is available for charter at the time the booking was taken. It is understood that a letter from a reputable charter broker confirming this will satisfy this requirement. An Isle of Man based company which is part of the Isle of Man Shipping Association has subsequently satisfied the appropriate requirements and obtained the first Charter Licence for a non-EU flagged vessel.

Dick Welsh, Director of the Isle of Man Ship Registry, commented:

"We are delighted to hear that the situation has now been resolved, with the first yacht charter licence being obtained for an Isle of Man yacht since the legislative changes. Yachting organisations on the Isle of Man and in Palma have gone to a lot of work and effort to secure these very important charter licences. Their hard work should see more and more yachts taking advantage of the Isle of Man registration with the restored availability of charters in the Mediterranean."